Suchergebnisse

When there are many players operate in a particular market, it encourages competition. Thus, healthy competition in the market leads to efficiency performance. Takaful and conventional insurance are the two parallel methods used to transact insurance business. The emergence of the Takaful market has contributed to competitiveness and conventional insurance is facing competition with Takaful. Therefore, this paper attempts to review the literatures relating to the relationship between competition and efficiency between Takaful and conventional and whether there exist a positive or a negative relationship.

This thesis explores auditor civil liability towards the company and third parties in Saudi Arabia and selected common law countries. In Chapter One, the researcher outlines the methodology adopted to conduct this study using descriptive analysis as well as both doctrinal and comparative approaches. Chapter Two will present the nature of auditor civil liability towards companies and third parties in Saudi Arabia based on Islamic law of tort and modern legislation. Chapter Two also argues that as of 2020 the Saudi judiciary has struggled to cope with issues raised in common law countries due to the complexity of existing Shariah principles and regulation, the lack of understanding among judges and legal practitioners of shareholders' right to be indemnified that may lead to a weak litigation culture. However, the Chapter identifies a few legal provisions and established Islamic principles that would entitle shareholders to be indemnified on behalf of their corporation through personal and class actions if the company refuses to file the suit for their benefit. Despite the fact that there is no specific article showing how a court can determine the proper damages suffered by shareholders, the researcher has designed mathematical formulae to assist Saudi judges in this respect considering Saudi legal regulations and Islamic principles. A better understanding on how Islamic principles and legal provisions operate, will hopefully assist and benefit judges, practitioners and litigants. This thesis argues in Chapters Three and Four that common law principles with respect to auditors' civil liability to third parties, and more particularly to shareholders, are not satisfactory from the Saudi perspective. Chapter Three is focused on theories of auditor liability towards third parties, with a focus on the United States of America (US), perhaps the first country with a clear precedent in this respect. Chapter Four then looks at England where two contrasting cases with respect to the liability of the auditor, and some other related cases, are examined. Chapter Four also investigates auditors' civil liability towards third parties in other common law jurisdictions that follow the approaches adopted in the US or in England either completely or partially. Since, in practice, the availability or non-availability of insurance to indemnify auditors against liability to shareholders and others has a significant impact on the topic under review in this thesis, Chapter Five then goes on to discuss the nature of Takaful - "an Islamic form of insurance" - and compares it to from conventional (western) insurance, and as well as the challenges that the Islamic model faces in Muslim majority and Muslim minority jurisdictions. Chapter Six develops that discussion by examining conventional liability products and exposing their limitations in providing appropriate protection and indemnification for those insured. Chapter Seven, draws together the key arguments, reasons and principles developed by common-law judges in the context of auditor liability, and explores a recent case from Saudi Arabia. The chapter also develops the discussion of the potential for insurance to extend to auditor liability by comparing and contrasting actual and existing applications of Takaful and conventional insurance in the area of professional liability. Chapter Eight addresses the research questions posed in Chapter One and concludes with final remarks and observations on the implications of the research.

The phenomenon of insurance actually arising from a group of people who are determined to establish a social gathering in order to alleviate the financial burden between them, as well as to avoid any financing difficulties they face.Currently the demand for insurance services is increasing perceived both by the households, businesses, and government. Such insurance is required as a means to face the risk of a more complex and varied. The danger that is feared that among others include: loss, damage, theft, fire, accident, illness, or even death.But a lot of variety and types of insurance that exist so that we sometimes confused and incorrect perception of where Islamic/Sharia and which are non-Islamic or even identical to the conventional? not least because of the type of insurance that is allegedly containing gharar/speculation, maisyir/chancy, usury, gambling and exploitation (often there is an imbalance between the value of the premiums and compensation), as well as their freedom of investment in the sectors of immoral and usury. Takaful insurance is insurance that are developed with a system of mutual risk sharing among members in a way each spend tabarru, namely outright funds paid for the purpose of bearing one another among members.

The insurance issue, which is one of the convention means of finance, is based on old times. The issue of insurance, which is highly criticized in the Islamic sense, is to be integrated into a holistic system by a methodology that will remain within the Scope of Islamic Finance. While the compansation of possible risks for a certain premium is defined as insurance; the aid system, which provides relief from the troublesome situations caused by undesirable situations, is expressed as Islamic insurance. The purpose of this study, the Islamic insurance concept, basic features and by reviewing the literature on the model, the financial system is one of the global players and Islamic finance interest known by the Muslim population of the legislation and its applications in Turkey. By this paper, it is clearified the difference between conventional insurance as its well known structure and Islamic insurance.

The insurance issue, which is one of the convention means of finance, is based on old times. The issue of insurance, which is highly criticized in the Islamic sense, is to be integrated into a holistic system by a methodology that will remain within the Scope of Islamic Finance. While the compansation of possible risks for a certain premium is defined as insurance; the aid system, which provides relief from the troublesome situations caused by undesirable situations, is expressed as Islamic insurance. The purpose of this study, the Islamic insurance concept, basic features and by reviewing the literature on the model, the financial system is one of the global players and Islamic finance interest known by the Muslim population of the legislation and its applications in Turkey. By this paper, it is clearified the difference between conventional insurance as its well known structure and Islamic insurance.

AbstractUnlike conventional insurance, which indemnifies policyholders for verifiable production losses arising from multiple perils, index insurance indemnifies policyholders based on the observed value of a specified "index" or some other closely related variable that is highly correlated with losses. Index insurance exhibits lower transaction costs than conventional insurance, potentially making it more affordable to the poor in the developing world. However, it also offers less effective individual risk protection. This article provides a review of recent theoretical and empirical research on index insurance for developing countries and summarizes lessons learned from index insurance projects implemented in the developing world since 2000.